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Waiter Boris Macquin serves customers behind plexiglass outside at Figaro Bistro on the first day Los Angeles County allows indoor seating since the coronavirus pandemic on March 15, 2021 in Los Angeles, California.
Gina Ferazzi | Los Angeles Times | Getty Images
Private payrolls in March grew at the fastest pace since September as anticipation of a strong economic rebound coupled with aggressive vaccination rates prompted companies to hire, according to a report released on Wednesday by the treatment company ADP payroll.
Companies added 517,000 workers for the month, a healthy spike from 176,000 in February, but just below the Dow Jones estimate of 525,000, along with very optimistic calls for the number of non-payrolls. government agriculture. The February total has been revised significantly higher than the 117,000 originally reported.
Even though it was a little below expectations, the March total represented the biggest hiring surge since 821,000 in September.
Importantly, the biggest job gains have come from the leisure and hospitality sector, which has been hit the hardest due to government-imposed closures associated with the Covid-19 pandemic. The sector added 169,000 new workers, which is part of an overall increase of 437,000 service-related jobs.
Hotels, restaurants, bars and the like are “the most likely to improve as the economy continues to gradually reopen and the vaccine is made more widely available,” said Nela Richardson, chief economist at ADP, who compiles the report with Moody’s Analytics.
“We continue to closely monitor the hardest hit sectors, but the groundwork is being prepared for a further acceleration in the monthly pace of hiring in the months to come.”
Trade, transport and utilities added 92,000 in total, while professional and business services increased by 83,000 and education and health services, 68,000.
Producers of goods also posted strong growth in the month, with manufacturing adding 49,000 people and construction adding 32,000 new employees.
Size-wise, the hiring cycle has been split in two.
Businesses with 50 to 499 employees led with 188,000 additions, while small businesses increased by 174,000 and large businesses contributed 155,000 in total.
The ADP tally precedes Friday’s non-farm payroll report, which is expected to show an increase of 675,000 from February’s 379,000. The unemployment rate is expected to fall to 6% from 6.2%, according to Dow Jones estimates.
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